The Recycler
  • https://keypointintelligence.com/communicationsupplies
  • G&G Web Ad Dec 2024
  • Biuromax Masthead web banner March 2024
  • Katun Masthead Nov 2024

Australian businesses hit by email scams

May 1, 2019

Scam

Australian businesses reported more than 5800 scams with losses exceeding AUS$7.2 million ($5.08 million/ €4.52 million) in 2018, a 53 percent increase compared to 2017, according to the ACCC’s Targeting scams report.

ACCC explains that much of this increase is due to the AUS$3.8 million ($2.68 million/ €2.38 million) reported lost to sophisticated ‘business email compromise’ scams. When combined with losses reported to the Australian Cybercrime Online Reporting Network, these scams cost Australian businesses over $60 million ($37.71 million/ €42.34 million).

“Scammers are hacking business email systems and impersonating the intended payment recipient. The scammers request changes to bank account details so that the business makes the payment to the scammer instead of the legitimate business,” ACCC Deputy Chair Mick Keogh said.

“Depending on how long the scammers get away with this and how large the transfers are, this scam can be devastating to a business’s bottom line – to the extent of forcing small and medium businesses into closure.”

ACCC goes on to explain that this scam targets businesses of all sizes and even small local sporting clubs and community groups. Any organisation that transfers money via bank accounts is a potential target. Scamwatch has even received reports of the hackers intercepting house deposits that have been sent to conveyancers, real estate agents or law firms.

Small businesses with fewer than 20 staff were most likely to be targeted by scammers and accounted for more than 75 percent of reports to the ACCC. Businesses were most likely to be targeted with false billing scams (1819 reports) but investment, hacking and phishing scams also caused significant losses.

“Australian businesses must protect themselves by ensuring their staff are aware of these scams so they can identify and avoid them. Every business should have clear processes for transferring money and a procedure for verifying requests to change bank account details that uses multiple modes of communication,” Mr Keogh said.

Australian businesses are encouraged to visit www.scamwatch.gov.au to learn more about scams targeting them and how to protect themselves. They can follow @scamwatch_gov on Twitter and subscribe to Scamwatch radar alerts.

Businesses can also sign up to the ACCC’s Small Business Information Network to receive emails about new or updated resources, enforcement action, changes to Australia’s competition and consumer laws, events, surveys and scams relevant to the small business sector.

Categories : Around the Industry

Tags : ACCC Business Scam

  • INk TANK Dec 24 Web Ad
  • Static Control June 2022 Big & Bold Ad
  • Cartridge Web Web Ad Dec 24
  • Apex Web ad Nov 2024
  • Biuromax Nov 2024 Web Ad
  • G&G web advert October 2024
  • TN Core Dec 2024 Web Ad
  • IR Italiana Web ad January 2021
  • denner UK Web Banner Jul 2024
  • Zhono Web ad March 2024
  • PCL Nov Web advert
  • Mito Web banner June 2024
  • CET Web ad December 2023
  • HYB Web banner Jan 2024
  • Denner Feb 2024 Web Ad
  • GM Technology Dec 24 Web Ad
  • denner UK Web Banner Jul 2024
  • HYB Web banner Jan 2024
  • GM Technology Dec 24 Web Ad
  • Denner Feb 2024 Web Ad
  • CET Web ad December 2023
  • PCL Nov Web advert
  • Zhono Web ad March 2024
  • Mito Web banner June 2024
  • GM Technology Dec 24 Web Ad
  • Zhono Web ad March 2024
  • denner UK Web Banner Jul 2024
  • Denner Feb 2024 Web Ad
  • Mito Web banner June 2024
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • PCL Nov Web advert

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark